12-13-2011 CC RPT 40 - Laserfiche WebLink

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C�EDE City Council/ Redevelopment � rF. �; Agency Memorandum , TO: HONORABLE MAYOR, CITY COUNCIL AND AGENCY MEMBERS FROM: DEVELOPMENT DEPARTMENT DATE: December 13, 2011 ITEM NO: 40 WARD: ALL SUBJECT: PROPOSED REVIEW AND ACCEPTANCE OF FISCAL YEAR 2011 REDEVELOPMENT AGENCY FINANCIAL STATEMENTS AND RELATED REPORTS ISSUE: The issue before the City Council and Redevelopment Agency is whether to approve the attached Annual Financial Report and other mandated reports required by Health and Safety Code Section 33000 et. seq., the California Community Redevelopment Law (CRL). RECOMMENDATIONS That the City Council and Redevelopment Agency review and accept the Annual Financial Report of the Redevelopment Agency of the City of Riverside, California, and other mandated reports for the fiscal year that ended June 30, 2011. BACKGROUND In accordance with Section 33080 of the State Health and Safety Code, redevelopment agencies are required to file annual reports with their legislative bodies and the State Controller's Office. The annual report is required to contain an audit of the redevelopment agency that includes an opinion of the agency's compliance with laws, regulations and administrative requirements governing activities of the agency; a fiscal statement concerning the amount of indebtedness, tax increment revenues and pass- through agreement expenditures; a description of the agency's activities affecting housing; and any other pertinent information describing the agency's programs. Other reports required by Section 33080 of the State Health and Safety Code are: a description of the agency's progress in alleviating blight and a description of the properties the agency owns, including those acquired during the fiscal year. The Riverside Redevelopment Agency's reports for Fiscal Year 2011 are attached as Exhibits A through D. The attached Annual Financial Report and other mandated reports can be adopted by the Agency at this time because the transaction is not a contract or binding obligation. Further, if accepted, the Agency does not incur new or expand existing monetary or legal obligations. State Law requires 40 -1